Robinhood will delist Cardano, Polygon and Solana on 27 June, following this week’s US Securities and Exchange Commission crypto crackdown that listed the three tokens as securities in its charges against the Coinbase and Binance exchanges.
Robinhood investors can still buy, sell and hold MATIC, ADA and SOL until this date.
In a press release, the company said: “You can continue to buy, sell and hold ADA, MATIC, and SOL until the deadline. You will be able to transfer ADA, MATIC, and SOL until June 27th, 2023.
“After the deadline, any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value and the proceeds will be credited to your Robinhood buying power.”
The move is part of the Robinhood’s usual review of its cryptocurrencies. It currently offers 15 cryptos on its platform.
In a recent U.S. House of Representatives testimony, Robinhood said that it attempted to register as a digital assets special-purpose broker, but could not get the SEC to help the platform into compliance.
Robinhood Markets’ chief compliance lawyer Dan Gallagher stated: “When Chair Gensler at the SEC in 2021 said ‘Come in and register’ we did. We went through a 16-month process with the SEC staff trying to register a special-purpose broker dealer. And then we were pretty summarily told in March that that process was over and we would not see any fruits of that effort.”
It’s been a turbulent week for crypto since the SEC announced it is suing Binance and Coinbase.
At the time of writing, the price of SOL is trading at $18.81 (down 0.9%), with ADA at $0.3148 (down 4.5%), and MATIC at $0.7658 – down 1.65%. The overall crypto market is down 0.48% to $1.11tn.
